Cairn Energy

ARTICLES ABOUT CAIRN ENERGY BY DATE - PAGE 2

NEW DELHI: Billionaire Anil Agarwal's Cairn India has bought less than 2 per cent of the 17.09 crore shares it is looking to buyback to give the mining baron greater control over the nation's largest private oil producer. Cairn on January 23 launched its first ever buy back of share for extinguishing them. The issue where Cairn will spend Rs 5,725 crore out of its cash reserves of Rs 13,707 crore, is to close on July 22. "Till March 31, 2014, we have bought back 3,270,549 shares for a total consideration of approximately Rs 106 crore from the open market through stock exchanges," the company said in its fourth-quarter earnings statement.

NEW DELHI: Scottish explorer Cairn Energy plc has sought shareholder approval to sell its 9.65 per cent stake in Cairn India after restrictions imposed by the Income-Tax Department are lifted. The I-T Department had earlier this year restrained Cairn from selling the stake over alleged tax evasion on Rs 24,500 crore of capital gains made when it transfered its India assets to a new company, Cairn India, in 2006-07. Cairn Energy had said in a regulatory filing after the annual general meeting on May 16, 2013, that shareholders had authorised the board to dispose of all or part of the company's residual interest in Cairn India.

NEW DELHI: Dr Mike Watts, the man credited with discovering India's largest onland oil field in Rajasthan, will step down from the board of Cairn Energy plc in mid-May. Watts, 58, was head of exploration at the Edinburgh-based firm when most of the 28 oil and gas finds, including Mangala and Bhagyam, were made in the Barmer block. He saw oil in the Thar desert when Royal Dutch Shell could not and bought out the supermajor in block RJ-ON-90-1 for USD 7.25 million. Michael John Watts, known as Mike, has been Deputy Chief Executive of Cairn Energy since March 31, 2009.

NEW DELHI: Facing a potential tax demand on alleged capital gains of Rs 24,500 crore it made seven years back, Cairn Energy plc has been slapped with two more notices which the Scottish explorer plans to counter vehemently. Cairn faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006-07 it transfered all its India assets to a new company, Cairn India. It said none of the transactions undertaken by it during that fiscal were chargeable to tax in India.

NEW DELHI: Scottish explorer Cairn Energy plc on Tuesday said it has suspended a $300 million share buyback as it is unable to sell its 10 per cent stake in Cairn India due to a tax dispute. Cairn Energy had in October last year announced a $300 million programme to buy-back shares for cancellation. "The Board has decided to suspend the previously announced share buy-back programme as of March 21 until the position regarding the Cairn India shareholding is resolved," the company said in a statement today.

NEW DELHI: Vedanta group Chairman Anil Agarwal said the global business community needs to have patience while investing in India because the country is going through a transitional phase. "I always say that if you (global firms) work in India, you have to have patience. We are going through a transition period, we have grown in India in a public sector environment," he said at the India Today Conclave here. Agarwal was asked about Vedanta's 8.67 billion acquisition of oil producer Cairn India from Cairn Energy, which was announced in August 2010 and completed in December 2011.

NEW DELHI: Scottish explorer Cairn Energy plc today announced that its non-executive Chairman Bill Gammell will retire by mid-May. The former Scottish rugby international, who was childhood friend of George W Bush and Tony Blair, had transformed Cairn from a Scottish oil and gas minnow into an international energy powerhouse and one of the biggest oil producers in India. "Gammell will retire as non-executive chairman of the company with effect from the conclusion of the company's AGM on May 15, 2014," Cairn Energy said in a statement.

Facing a potential tax demand on an alleged Rs 24,500 crore of capital gains it made on transferring India assets to a new company, Scottish explorer Cairn Energy plc today said it was fully compliant with the tax legislation in force when it operated in the country. The Income-Tax Department had in a January 22 order held that the Edinburgh-based firm made capital gains of Rs 24,503.50 crore when it transferred its entire India business from subsidiaries incorporated in Jersey, a tax haven, to the newly incorporated Cairn India in 2006.

The income tax department is wrong to hold up Cairn India's buyback of shares from UK's Cairn Energy till the oil and gas exploration company settles possible tax dues on a past deal. Such moves are contrary to the assurance held out by the government that its retrospective clarification on capital gains would not be applied to cases other than those already processed. Companies usually buy back shares when they have idle cash or when they think they are undervalued, but nevertheless, it is a commercial decision.

MUMBAI: Shares of Cairn India reacted positively to the company's plans to buy back equity shares. According to reports, the company might spend around $1 billion for the buy-back, which includes Cairn Energy's 10.3 per cent stake. Anil Agarwal-owned Vedanta Resources had acquired a majority stake in Cairn India for about $9 billion in 2011. Buyback will give the promoters greater control over the company. The promoters have 58.8 per cent stake in the company. The buyback is expected to help Sesa Sterlite and Agarwal's other companies as well, say analysts.